It’s a Done Deal: Tesla, DOE Finalize Loan for $465 Million

Written by Jerry James Stone
Published on January 23rd, 2010
6 Comments
Posted in Electric Cars (EVs)

Back in June, Tesla Motors announced a $465 million loan from the U.S. Department of Energy. That deal is now official…every tax paying American is now an investor in Tesla.

Tesla CEO Elon Musk said. “We are honored that the US government selected Tesla to be among the first companies to participate in this visionary program. This loan will allow us to further accelerate the production of affordable, fuel-efficient electric vehicles.”

The California EV maker will get two separate loans totaling in $465 million. The loan comes from the Advanced Technology Vehicle Manufacturing program (ATVMP) where $100 million is to build a manufacturing plant for the powertrain. The remainder is for actually building the Model S.

Telsa plans to start production by 2011.

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Source: AutoblogGreen

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6 Responses to “It’s a Done Deal: Tesla, DOE Finalize Loan for $465 Million”

  1. Bob Henry Says:
    January 24th, 2010 at 7:32 am

    I wish this would make a difference.

    But I really don’t think Tesla is capable of making an AFFORDABLE electric vehicle.

    That is like GM making the Volt.

    Instead of a bare bones commuter vehicle, lets make a modified sports car.

    So the end result is a low production volume electric car.

    I wiah them well. I hope they have success. But I don’t really think Tesla has anything other than “specialty” vehicles imagined.

  2. Constantin Says:
    January 24th, 2010 at 3:36 pm

    I just can not wait for 300 miles range Tesla S !

  3. Swift Arrow Says:
    January 24th, 2010 at 10:37 pm

    Whatever happened to the Aptera?

  4. ChuckL Says:
    January 24th, 2010 at 11:09 pm

    This is a total waste of money. The forced investment of tax money from non stockholders is among things like stupidity, unconstitutional. There is no authorization in the Constitution for the federal government to use taxpayer money to support private enterprise.

    It would be constitutional however for the federal government to create a tax exemption for a few years for all NEW enterprises which are not just spin-offs of another company.

  5. RayB Says:
    January 25th, 2010 at 7:55 am

    So, every tax payer contributes to a company that produces a product that only the elite can afford…what a deal we have for you! Just another example of our Govt. wasting our hard earned money. I am so disappointed that our country has come to this. How long until there is a mass exodus from the US to other countries?

  6. Dave Says:
    January 26th, 2010 at 8:37 am

    Keep in mind that this is a loan. As in, it will be paid back, most likely with interest…